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Returning Member
posted Jun 7, 2022 9:21:10 AM

Can I add to both a SEP and traditional IRA and get full deduction for both?

I am self employed over 79 years old. I do consulting and have some income. Can I contribute to both plans and what are the tax deductions limits? Where do I enter each plan? One in business and one in personal?

0 2 345
2 Replies
Level 15
Jun 9, 2022 7:21:57 PM

You can contribute to both but your IRA contribution would not be deductible if you contribute to a SEP since you would then be considered as having an employer retirement plan (you are the employer). The SEP deduction appears on Sch 1 line 15 and TurboTax will calculate the maximum amount you can deduct based on your self employment income. 

Returning Member
Jun 10, 2022 9:07:48 AM

Good answer to my question.

Thank you!